First Residents Move Into the Palm Jumeirah
The first residents of the Palm Jumeirah, the massive palm-shaped island off the coast of Dubai, have moved in and as the AP reports they seem quite content so far. The AP profiles Andrew Dukes who was the first to move into his island mansion. Dukes, formerly an executive with a London-based Internet company, paid around $1.36 million for his house over a year ago and it is now worth nearly double. The new land which was made from sand dredged up from the sea and rock from nearby mountains, will also be home to hotels, including one by Donald Trump, a monorail, and a water theme park. Buyers of the development include citizens of the United Arab Emirates and neighboring countries and speculators and residents from around the world. Part of the Palm Jumeirah also serves as a labor camp for the thousands of construction workers working on the project. The other projects by Nakheel including the ambitious "World" project are still under development.